Stonebridge Capital Management Inc. boosted its stake in Qualcomm Inc. (NASDAQ:QCOM) by 1.7% during the second quarter, Holdings Channel reports. The firm owned 96,374 shares of the wireless technology company’s stock after buying an additional 1,575 shares during the period. Qualcomm accounts for 2.4% of Stonebridge Capital Management Inc.’s investment portfolio, making the stock its 14th largest position. Stonebridge Capital Management Inc.’s holdings in Qualcomm were worth $5,162,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock valued at $3,104,087,000 after buying an additional 468,777 shares during the period. Orbis Allan Gray Ltd bought a new stake in shares of Qualcomm during the first quarter valued at approximately $865,645,000. BlackRock Group LTD boosted its stake in shares of Qualcomm by 0.4% in the first quarter. BlackRock Group LTD now owns 16,858,032 shares of the wireless technology company’s stock valued at $862,119,000 after buying an additional 58,969 shares during the period. Primecap Management Co. CA boosted its stake in shares of Qualcomm by 1.1% in the first quarter. Primecap Management Co. CA now owns 16,330,925 shares of the wireless technology company’s stock valued at $835,164,000 after buying an additional 176,080 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Qualcomm by 4.6% in the first quarter. Geode Capital Management LLC now owns 14,063,913 shares of the wireless technology company’s stock valued at $717,970,000 after buying an additional 615,948 shares during the period. Institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded up 0.96% during mid-day trading on Friday, reaching $68.19. 8,398,099 shares of the company’s stock traded hands. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $70.40. The firm’s 50-day moving average price is $63.68 and its 200 day moving average price is $56.84. The stock has a market capitalization of $100.49 billion, a PE ratio of 19.97 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the business earned $0.99 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts predict that Qualcomm Inc. will post $4.30 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.11%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
A number of equities analysts have issued reports on the stock. Standpoint Research cut shares of Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. RBC Capital Markets restated a “sector perform” rating and set a $70.00 target price (up previously from $59.00) on shares of Qualcomm in a research report on Monday. Bank of America Corp. restated a “buy” rating on shares of Qualcomm in a research report on Monday, July 18th. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 target price for the company in a research report on Monday, September 12th. Finally, Morgan Stanley restated a “buy” rating on shares of Qualcomm in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $63.98.
In related news, EVP Matthew S. Grob sold 74,000 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Raymond V. Dittamore sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the completion of the sale, the director now owns 5,813 shares in the company, valued at approximately $397,551.07. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Qualcomm Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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